Durham, NC

Where Great Things Happen! That's the slogan of the Durham Convention and Visitors Bureau. And it's true. There are lots of great things happening in Durham, North Carolina. In October 2008, bon appetit called Durham-Chapel Hill Americas Foodiest Small Town, paying tribute to the great variety and servings of locally fresh foods in the area. In March 2009, Forbes Magazine ranked Durham the #3 Best Place for Business and Careers. In April 2009, Relocate America ranked Durham #5 on its list of Best Places to Live. These are just a few of the accolades the area has recently received.

In the past year alone, the new Durham Performing Arts Center has opened to rave reviews and attendance above expectations. The DPAC has brought Broadway shows and nationally known musicians of all genres to Durham. The original Durham Athletic Park, which was previously the home of the Durham Bulls prior to the building of Durham Bulls Athletic Park, and the site of the move Bull Durham, has undergone a major renovation and is now used as a training facility for minor league baseball. It will also be the future home of a minor league baseball museum.

In the past decade a new shopping center, The Streets at Southpoint, opened in south Durham near I-40, creating an exciting shopping, dining and entertainment complex visited by folks from near and far. Among other anchor tenants, The Streets at Southpoint boasts North Carolina's first Nordstrom. The most interesting part of the mall to me is the open air area, called Main Street, featuring fountains filled with various sculptures of children at play, specialty stores, several fine restaurants, and a 16 screen movie theater.

In 2005, the Nasher Museum of Art was opened on the Duke Universitycampus adding to the numerous cultural offerings of the Triangle Community. In 2008, the Nasher Museum presented an exhibition called "From El Greco to Velazquez, Art During the Reign of Phillip III," offering paintings of Spanish master artists never before presented in the United States.

Durham, NC is home to Duke University and Duke Medical Center, the Festival for the Eno held every year around the 4th of July on preserved public lands at the Eno River, the Bull Durham Blues Festival featuring nationally reknown blues musicians, the American Dance Festival, and the World Beer Festival.

All these things have made Durham, NC an attractive location for people relocating to the Research Triangle Park area of NC. The real estate market has been a beneficiary of the vibrancy of the community as home prices have remained stable despite the economic slowdown.

If you or your clients are thinking of relocating to North Carolina and would like more information on Durham or local housing, please contact Larry Pulley, ePRO,GRI at 919-604-0189, by email at larry@larrypulley.com. Or just visit my website at www.LarryPulley.com.

New Homes Durham NC

Durham NC Relocation - Property Tax Rates in Durham

How much will I pay in property taxes for my new Durham County home?

That's a very common question when considering purchasing a home in Durham County.

If you're considering relocating to Durham County, you may have a Raleigh, Durham, Bahama, Rougemont, or Chapel Hill street address.

Find Out What District Your New Durham Home is Located In

Ask your real estate agent what district number the property resides in. Or click on the link below to enter the address and find out the tax district: Durham County Address Check for Property Tax Rate.

This chart shows the 2009/2010 Durham County property tax rates. If you are relocating to a home inside a town, the tax rate will be slightly higher. If your new home will be outside of town boundaries, the tax rate can be extremely low.

Check the Tax Rate Tables for the Property Tax Rate for Your District or Town in Durham County NC

The county rate gets combined with either the fire district rate or the town rate, depending on where the home for sale is located.

OK - But What Will I Actually Pay in Durham County Property Taxes?

What do all those little numbers mean? It's actually not as hard as it looks.

1. Take the assessed value of the property.
2. Divide by 100.
3. Multiply by the tax rate.

This will give you the yearly tax amount, per 2009/2010 rates.

And just to give you an idea, here's a table of sample yearly tax payments for different sample assessed home values.

You can also visit the Durham County Property Tax page to see any updates to tax tables or tax information.

As you can see, a City of Durham location will be the most expensive property tax location to live in Durham County, following closely by the City of Chapel Hill. Best bargains for property taxes are in Mangum, New Hope, Parkwood, Redwood, Eno, and Bahama.

When looking at properties, don't take the "city" address for granted - you could be in a different county, with different tax rates, depending on where exactly the property is located.

How Do I Find Out the Assessed Value of My Durham County Home?

If there's a particular home that you're considering, you can go directly to the Durham County Tax Administration Records site, type in the address, and see the assessed value of the property.

What if the Assessed Value is Different From the Sales Price?

If there is a discrepancy between the assessed value and the asking price of the home or lot, don't be afraid to ask your real estate agent to pull comps for you. Assessed values are not always aligned well with market values, as assessments are often made several years apart. Durham County was reassessed on January 1, 2008, and the new assessed values went into affect in Summer 2008.

Want to Compare Property Tax Rates for Counties in the Triangle?

Triangle NC Property Tax Rate Comparison Guide

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Finding the Right Location for Your New Home in the Triangle

Stanton Homes will help guide you through the lot and land selection process, so you know you've made all the right moves. We'll do the research for you, including a free lot inspection by one of our experts!

Browse floorplans online, or request more information today!

Call 919-278-8070 or visit www.StantonHomes.com to find out more about Stanton Homes.

Stanton Homes for Heroes Military Discount

Copyright Stanton Homes 2009. Provided for informational purposes only, check with county for specific tax information.

To everyone who wasn't in a position to take advantage of the First Time Home Buyer Tax Credit, you get another chance!

Which means you can buy a home, furnish it and put a little money away for a rainy day!

Other good news; the credit has been expanded to include current owners who are looking to purchase a second home or are looking to move into another home.

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence

First-Time Homebuyers: First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

How Much are First-Time Homebuyers Eligible to Receive? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000

Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.
This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

How Much are Current Home Owners Eligible to Receive? The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

According to the IRS, factors that would demonstrate the ownership of the property would include: 1. Right of possession, 
2. Right to obtain legal title upon full payment of the purchase price, 
3. Right to construct improvements, 
4. Obligation to pay property taxes, 
5. Risk of loss, 
6. Responsibility to insure the property, and 
7. Duty to maintain the property.

More info available at: http://www.federalhousingtaxcredit.com/

Some information Courtesy of:
Jeffrey B. Schneider, CFM
Sr. Mortgage Specialist
P: 919-361-6168
F: 866-527-6654
www.SunTrustMortgage.com/ADSGroup

Nogui Aramburo
REALTOR and Marketing Coordinator
Coldwell Banker HPW

www.blog.bullcityrealtor.com
Cell: 919.771.3609
Email: aramburon@hpw.com
Follow me on Twitter
twitter.com/nogui

Woodcroft Neighborhood Update
November 3, 2009

For the recent Active, Pending and Closed real estate transactions for Durham's Woodcroft neighborhood, click here: Woodcroft.

If you have any questions about any of these homes, please call or email The Rogers Team.

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Market data derived from Triangle MLS and believed to be accurate but not warranted by RE/MAX Winning Edge or The Rogers Team.

The Rogers Team @ RE/MAX Winning Edge serving Chapel Hill, Durham, Raleigh, Cary, Chatham County and Research Triangle Park